Bancor (BNT)

$2.58433 (41.55%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
63 $178,702,000.00 $108,431,000.00 69,148,500 BNT -- 41.55% 6.93% -$1,073.79

Exchange Pair Volume (24h) Price
Bilaxy BNT/USDT 10,533,226.00 2.5413000000
OKEx BNT/USDT 5,761,014.00 2.5480000000
Binance BNT/USDT 3,653,649.00 2.5509000000
MXC BNT/USDT 4,841,792.00 2.5430000000
BKEX BNT/USDT 2,430,410.00 2.5476000000
MXC BNT/ETH 3,305,371.00 0.0064630000
Binance BNT/BTC 2,248,652.00 0.0002176700
Binance BNT/ETH 1,187,843.00 0.0064720000
OKEx BNT/BTC 961,778.00 0.0002186000
AEX BNT/USDT 235,210.00 2.5550000000
Uniswap (v2) 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 418,816.00 0.0064644446
Binance BNT/BUSD 217,569.00 2.5474000000
LATOKEN BNT/ETH 157,147.00 0.0064555000
P2PB2B BNT/BTC 15,216.72 0.0002175000
P2PB2B BNT/ETH 119,507.00 0.0064390000
Bittrex BNT/BTC 26,382.00 0.0002180200
Zebitex BNT/ETH 2.80 0.0064960300
Hotbit BNT/USDT 3,189.36 2.5168307200
Hotbit BNT/ETH 3,017.49 0.0064321400
Hotbit BNT/BTC 2,997.57 0.0002154500
DragonEx BNT/USDT 1,960,759.00 2.5460000000
Bitrue BNT/BTC 1,030,084.00 0.0002176700
HitBTC BNT/USD 1,270,958.00 2.1235660000
Hoo.com BNT/ETH 566,559.00 0.0064990000
CoinEx BNT/USDT 454,589.00 2.5548000000
HitBTC BNT/BTC 455,199.00 0.0001806500
Hoo.com BNT/USDT 320,882.00 2.5495000000
CoinEx BNT/ETH 169,740.00 0.0064514000
FatBTC BNT/USDT 29,578.00 2.1551000000
HitBTC BNT/ETH 319.68 0.0054350500
Poloniex BNT/BTC 5,219.33 0.0002261800
ChainEX BNT/BTC 7,143.20 0.0002159200
Livecoin BNT/BTC 736.64 0.0002302600
Bitfinex BNT/USD 495.27 2.8759000000
CoinBene BNT/BTC 50,079,911.00 0.0002176600
Bitrue BNT/ETH 5,000.58 0.0064390000
CoinEx BNT/BTC 171,511.00 0.0002166800
TOKOK BNT/USDT 142,533.00 2.5508000000
Bittrex BNT/ETH 6,761.80 0.0064761300
Bancor Network ETH/BNT 6,305,019.00 154.2552377318
Bancor Network LINK/BNT 2,058,502.00 4.9991703454
Kyber Network BNT/ETH 522,346.00 0.0064801477
Bancor Network REN/BNT 500,693.00 0.0703014507
1inch 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 332,689.00 0.0065544787
WhaleEx BNT/USDT 174,178.00 2.5481000000
Bancor Network MANA/BNT 109,898.00 0.0431812457
Bancor Network CEEK/BNT 90,025.00 0.0005149193
Bancor Network JRT/BNT 79,552.00 0.0757023554
Bancor Network DAI/BNT 72,643.00 0.3938636473
Bancor Network AUC/BNT 71,910.00 0.1002451771
Bancor Network KNC/BNT 58,970.00 0.6470449324
Bancor Network BAT/BNT 47,765.00 0.1032751116
Bancor Network ENJ/BNT 46,976.00 0.0696368863
Bancor Network ANT/BNT 40,477.00 1.2770124728
Bancor Network REM/BNT 38,948.00 0.0012966924
Bancor Network ONG/BNT 37,883.00 0.0157591839
Bancor Network MFT/BNT 35,611.00 0.0009226591
Bancor Network EOS/BNT 32,730.00 1.1839000000
Bancor Network GNO/BNT 19,919.52 12.7950711641
Bancor Network TKN/BNT 19,212.49 0.2479906423
Bancor Network AMPL/BNT 17,782.13 0.2209151198
Bancor Network VIB/BNT 17,426.64 0.0093037736
Bancor Network XNK/BNT 16,031.49 0.0014005580
Bancor Network MYB/BNT 14,426.87 0.0044271044
Bancor Network BOXX/BNT 13,669.36 0.0265482493
Bancor Network MKR/BNT 13,352.29 227.1054844415
Bancor Network REQ/BNT 13,011.03 0.0155906391
Bancor Network OMG/BNT 12,888.28 0.6165264065
Bancor Network RCN/BNT 11,388.38 0.0225133006
Bancor Network RPL/BNT 11,239.86 1.2633759592
Bancor Network DATA/BNT 10,693.23 0.0225550220
Bancor Network ELF/BNT 8,527.66 0.0407718946
Bancor Network MDT/BNT 8,493.35 0.0051921082
Bancor Network NMR/BNT 8,328.20 7.4423732119
Bancor Network XDCE/BNT 7,615.86 0.0023241567
Bancor Network DAPP/BNT 7,600.46 0.0062000000
Bancor Network MRPH/BNT 7,374.52 0.1139853454
Bancor Network USDB/BNT 6,985.99 0.3995019327
Bancor Network POA20/BNT 6,976.91 0.0073200419
Balancer 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 6,220.43 0.0064300051
Bancor Network EURS/BNT 5,386.12 0.4503583004
Bancor Network IQ/BNT 5,218.33 0.0008000000
Bancor Network LOC/BNT 4,783.83 0.1980434361
Bancor Network PLR/BNT 3,893.01 0.0104428886
Bancor Network MTL/BNT 3,763.32 0.1355128354
Bancor Network AMN/BNT 3,718.27 0.0008501625
Bancor Network SAI/BNT 3,650.80 0.8119445862
Bancor Network TBX/BNT 3,408.29 0.0272800405
Bancor Network SAN/BNT 3,097.93 0.0636581965
Bancor Network WINGS/BNT 2,953.43 0.0705401011
Bancor Network CHEX/BNT 2,912.54 0.0012000000
Bancor Network BNB/BNT 2,799.70 11.0088618664
Bancor Network PBTC/BNT 2,711.23 6,105.1779616435
Bancor Network SENSE/BNT 2,702.04 0.0027000000
Bancor Network SNT/BNT 2,655.29 0.0106572468
Bancor Network MFG/BNT 2,438.17 0.0030125712
Bancor Network RVT/BNT 2,362.66 0.0112522572
Bancor Network VEE/BNT 1,979.04 0.0009039286
Bancor Network GTO/BNT 1,693.01 0.0052323778
Bancor Network SPD/BNT 1,601.18 0.0000685158

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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